A lot of people are struggling financially due to COVID-19 and its effects on the economy. As for the small business owners, they might have been hit worse than the most. People were going out less and spending money less than ever, which caused a string of problems. Some of these problems are just not starting to show their face. Still, there’s no room for desperation.
The sooner you start rebuilding the sooner you’ll get back to the way things were before the pandemic. With that in mind, here are seven ways to rebuild your small business after COVID-19.
1. Skip the excuses and admit there is a problem
Burying your head in the sand is a completely natural defense mechanism that a lot of people resort to when the alternative is facing the danger. If everyone is doing a bit worse than before then no one is really underperforming, right?
Well, not necessarily. You see, the point of a business is to make a profit and the fact that no one else is profiting is hardly an excuse. Also, not everyone is doing worse than before, right? So, assess your situation, skip the excuses, and admit that there is a problem.
2. Don’t dwell in the past
The next piece of advice that you need to listen to is the danger of dwelling in the past. Sure, your profit may not be near what it was in the past, however, this is the difficulty that the entire world is suffering from, at the moment.
So, don’t assume that you’re doing bad just because you’re doing worse. Missed opportunities are exactly what their name suggests – missed. Crying over that one client that you refused a year ago (when your workload was capped) is counterproductive. Instead, focus on what lies ahead. This change in mindset is the key to rebuilding your business.
3. It might not be over
While it is true that in some regions the imminent danger has passed, the economic ramifications might take a while to fully kick in. Other than this, there’s all this talk about the second wave that might hit us in the early autumn to worry about. So, regardless of what you do, always have a contingency plan.
Things may look cataclysmic at the moment, however, you need to bear in mind that it might get even worse in the nearest future. Sure, it’s not an optimistic mindset, however, it’s a possibility that you can’t afford to dismiss.
4. Cut expenses
The next thing you need to understand is the importance of cutting your expenses. Your company’s cash flow is crucial for its ability to run day-to-day operations. This is why you need to find the most cost-effective way to do business without compromising the quality of the product/service that you provide.
It’s easy to skim on supplies in order to save money but what happens when people start dropping your brand for it? Also, you might want to cut back when it comes to personal spending. Now might not be the time to buy that new car that you’ve wanted for so long.
5. Adapt to all the industry changes
Another thing worth mentioning is the fact that there are some trends that have completely changed the business world as we know it. Never before have so many people worked from home, even though telecommuting was a popular trend even prior to the pandemic.
This is why more and more businesses use video on demand platforms as a standard tool for doing business. Some pandemic laws and trends still stand and your business might not be able to drop them just yet. Acknowledge in what way have things changed and how does this affect your business.
Accept that your old business model may not be as effective now during and, likely, after the pandemic. Evaluate your business plan, and make changes to adapt to the current market. E-commerce activity has increased since the start of the pandemic. Many businesses have seen the opportunity and moved their operations online. Now is the right time to launch your online store. Before launching day, you should have taken care of your e-commerce website, product packaging and shipping, and marketing strategies and campaigns to ensure the success of this big move.
6. Don’t overwork yourself
Rebuilding a business is a lot of work. In fact, some may argue that it’s more work than actually starting a business. Now, add to this the fact that all the events of the previous several months have left you physically and emotionally exhausted, which just adds to the problem at hand.
Also, all the cutbacks and austerity may lower your morale and motivation. So, try to find an exhaust vent. This will allow you to perform admirably until your work is done.
7. Fix your mistakes
Blaming the pandemic is easy, however, chances are that there was a mistake or two that made the situation even worse for you. After all, even in the moments of the biggest crisis, not all businesses fail. This seemingly random selection is not random or luck-based, at all. In fact, it would be a safe bet to assume that you were (to a degree) aware of the mistake all along.
Now is your chance to fix it all and have a fresh start. The downtime in your business and the loss of clients is already a worst-case scenario. Why not use it as an opportunity to introduce some radical changes?
While the epidemic is still not completely over, there’s nothing wrong with planning a comeback already. After all, the sooner you make your plans, the more time you have to figure out the best course of action for their eventual execution. Just keep in mind that the subjective factor is just as important.
Your endurance and stamina (both mental and physical), as well as being honest to yourself may play a key role in making it through this rough patch. As a small business owner, it is both your duty and in your best interest to see this through successfully.